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Economy in Brief

Gasoline Held Above $3.00 per Gallon
by Tom Moeller November 27, 2007

On average, retail gasoline prices last week held at the prior period's level of $3.10 per gallon, according to the US Department of Energy survey.

Divided by consumer prices other than energy, these gasoline prices are just below the high reached in 1981.

Yesterday, prices for spot WTI crude oil stood at $97.71 per barrel, down slightly from last week's average.

In perhaps a favorable sign for home heating bills this season, natural gas prices continued the move sideways at the high end of the recent $6.5 - $7.5 per mmbtu range (-0.3% y/y).

Gold prices continued to hover around the $800 per ounce level and the level surpassed the previous record price reached in early 1980.

Oil Shocks and Price Stability from the Federal Reserve Bank of St. Louis is available here.

Weekly Prices 11/26/07 11/19/07 Y/Y 2006 2005 2004
Retail Gasoline ($ per Gallon) 3.10 3.10 37.9% 2.57 2.27 1.85
Light Sweet Crude Oil, WTI  ($ per bbl.) 98.83 91.18 70.3% 61.11 58.16 41.78
Gold: Handy & Harmon ($ per Troy Oz.) $795.50 $804.25 27.4% 628.70 $507.40 $443.40
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